Bitcoin’s (BTC) recent price rally may have cooled, but bullish sentiment remains strong as major investors, known as whales, continue to place high-stakes bets on further upside. A notable trade on Deribit highlighted this optimism, involving a $23.7 million bull call spread targeting $200,000 BTC by December.
The strategy included purchasing 3,500 contracts of the $140,000 December call option and simultaneously selling 3,500 contracts of the $200,000 December call option. This spread limits potential gains to the upper strike of $200,000 but also caps losses to the initial premium paid. The trade benefits from Bitcoin’s rise above $140,000, achieving maximum profit if BTC closes at or beyond $200,000 at expiration.
Bitcoin options activity has surged alongside the market rally and rising institutional demand for structured products. Deribit, which handles over 80% of global crypto options trading, reported 372,490 BTC in open interest, close to its all-time high of 377,892 BTC set in June. Ether (ETH) options also hit a record 2.85 million contracts.
BTC recently reached an all-time high above $123,000 on July 14 and has since consolidated between $116,000 and $120,000. Analysts note this heightened options activity signals robust market participation and increasing sophistication among traders employing hedging and speculative strategies.
Options, a key derivative instrument in crypto markets, allow investors to manage risk or leverage directional bets. A call option gives buyers the right, but not the obligation, to purchase the asset at a set price before expiry, reflecting bullish market expectations. The whale’s latest trade underscores confidence in Bitcoin’s potential to achieve new milestones by the end of 2025.
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